FIRST Gen Corporation reported recurring net income attributable to equity holders of P14.8 billion ($284 million) in 2019 from the operations of its 3,492-megawatt (MW) clean, low-carbon and renewable portfolio. This was a 17% or P2.1 billion ($42 million) jump from its P12.7 billion ($242 million) in earnings in 2018.
First Gen president Giles Puno said: “Our steady financial results for 2019, we hope, demonstrate to our shareholders that our strategy to catalyze the country’s movement towards a decarbonized future is feasible and continues to pay off. We will continue to focus on advancing decarbonization by constructing the country’s first liquefied natural gas delivery terminal. This will be completed before our contract from the Malampaya natural gas field expires in 2024, and provide for the continuing reliable operations and expansion of our gasfired power plants.”
First Gen’s natural gas-fired power plants delivered increased recurring earnings for the year. From a recurring attributable net income to parent of P9.7 billion ($186 million) in 2018, the gas platform generated P10.1 billion ($195 million) in 2019, an increase of 5%.
Energy Development Corporation (EDC) contributed recurring earnings from its geothermal, wind and solar platform of P5.1 billion ($98 million) in 2019, higher by P1.2 billion ($24 million) in comparison to P3.9 billion ($74 million) in 2018.
The hydro platform outperformed with a recurring earnings contribution higher by 118% or P0.4 billion ($7 million) at P0.7 billion ($13 million) for 2019 from P0.3 billion ($6 million) in 2018.
First Gen’s net income attributable to equity holders in 2019 was P15.4 billion ($296 million). This was P3.8 billion ($75 million) or 34% better than the 2018 earnings of P11.6 billion ($221 million).
First Gen’s consolidated revenues from the sale of electricity increased by P8.0 billion ($173 million) or 8% to P111.8 billion ($2,151 million) compared to P103.8 billion ($1,979 million) in 2018. The natural gas portfolio accounted for 62% of First Gen’s total consolidated revenues. Their revenues were 8% higher in 2019 mainly due to higher average natural gas prices coupled with improved plant dispatch.
EDC’s geothermal, wind and solar revenues accounted for P38.6 billion ($743 million) or 35% of First Gen’s total consolidated revenues in 2019. Of the P38.6 billion, 92% can be attributed to the geothermal platform while the remainder is from the wind and solar projects. From P34.2 billion ($652 million) in 2018, EDC’s revenues improved by P4.4 billion ($91 million) mainly due to the performance of its Leyte and Negros plants. This was supplemented by higher Bacman revenues in 2019, though partially offset by lower revenues from its Mindanao and Burgos plants.
First Gen Hydro Power Corporation, owner of the 132-MW Pantabangan-Masiway hydroelectric power plants, delivered better revenues by P0.5 billion ($10 million) or 28% higher from P1.9 billion ($35 million) in 2018 to P2.4 billion ($46 million) in 2019 due to its higher sales to the Wholesale Electricity Spot Market. The hydro plants account for 2% of First Gen’s total consolidated revenues.